Hiscox UK pricing head Dan Bishop said: "We were pleased that our proof of concept, in which we used predictive analytics to analyse the health of the book, found we might expect a significant return on our initial investment."

Guidewire predictive analytics vice president Wade Bontrager said: "Specialist insurers like Hiscox play a vital role in protecting people, property and businesses, and the premium growth Hiscox is experiencing proves their success at doing that.

"We look forward to partnering with Hiscox to achieve and exceed their goals through data-driven decision making."